The Securities Commission Malaysia (SC) wishes to clarify that the independent evidence gathered at the inquiry into Tan Sri Azam Baki’s (TSAB) trading account shows that:
TSAB is the named account holder and had control of the said trading account;
TSAB operated the account that he had opened, in that he had given instructions to buy, sell and transfer securities from the said account.
Therefore, the SC arrived at the decision that there was no breach of section 25(4) of the Securities Industry (Central Depositories) Act 1991.
The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.
